Is an accountants independence always impaired if it renders a report characterized as a “fairness opinion” when that report is mandated by a foreign jurisdiction?
The Commission stated in the adopting release, “The Commission is sensitive to those issues and in the past has worked with foreign regulators and companies to reach an acceptable resolution. We will continue our practice of determining whether to accept such reports on a case-by-case basis.” For example, the staff has agreed to an engagement whereby the auditor performs specified procedures as set forth in a letter to the Italian Consob, which is on our website at www.sec.gov/info/accountants/noaction/italyaud.htm.
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